Simultaneous Release at
Good day forex traders and readers.
In the previous AUD/USD forecast we noted that the immediate resistance was 0.9680 while the immediate support was 0.9520. The US dollar was weakening as the markets sold USD in favor of higher yielding assets. China is a star of late and is bringing the Aussie dollar along for the ride.
Looking at the AUD/USD daily chart above we note that the currency pair managed to breach the resistance mentioned monetarily. However as observed, the momentum failed shortly and the currency pair dipped past the resistance turned support and is now headed towards the support of 0.9520.
It is worthwhile to note that the middle bollinger band lies in the 0.9520 vicinity too, further increasing the likelihood of a support effect. Any bullish return may target the week’s high at 0.9740.
continue on to TheGeekKnows.com for the fundamental analysis of the AUD/USD Forecast Weekly Review to understand more about the underlying market sentiments.
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